SOUTH BRITISH INSURANCE COMPANY.

New Zealand Times, Volume XXXII, Issue 5079, 4 July 1877, Page 2

SOUTH BRITISH INSURANCE COMPANY.

BY TELEGRAPH,

Auckland, Tuesday.

At an extraordinary meeting of the South British Insurance Company to-day, the following resolutions were carried unanimously >— “That the capital of the company be increased by the creation of 12,500 additional shares of £2O each.” Mr. Currie asked what would be the value of the new shares? The Chairman said the shares would cost shareholders £3 10s. There would be none tor sale outside the company, and shareholders will have the option of taking one new share for each complete number of three shares held by them in the company on July 3rd inst.; at 70s. per share on first day November next; and 20s. per share on first day January, 1878. Where the moneys were paid in the middle of the month no dividend would be paid for the broken period ; that shareholders not applying for shares of new issue before first day of September, 1877, will forfeit their right to any, and all shares not applied for before that date shall be sold by the directors at such times and such premium as they may consider best in the interestsof the company; thatthe total premium received from the sale of the said 12,500 shares shall be carried to the reserve fund of the company, and that new shai'es shall participate in future dividends paid by the company, as follows:—.Upon one-half instalments paid, until the full amount of £3 10s. per share is paid, and upon £2 per share from the date when the full amount of £3 10s. per share is paid, except that the dividends on these payments will in all cases be calculated from the first day of the month, and payments made on account of shares on any other than the first day of the month will participate in the dividends only from the first day of the next succeeding month. Mr. Boardman said a circular was being got into shape, and would be sent round to the shareholders, to the following effect “ Payment fot new shares may be made to the manager at Auckland, or to the agents of the company at Wellington, Nelson, Christchurch, Dunedin, Napier, New Plymouth, Hokitika, and Wanganui. No shares of the new issue will be transferred in the books of the company until the full amount of 70s. per share be paid. That number 95 of the Articles of Association be altered by the omission of the words ‘and-no dividend exceeding £lO per cent, per annum ’ shall be at any time declaredunless under special resolution of the company. The rule will then read— ‘ No dividend shall be payable except out of profits arising from the business of the company.’ ”